When it comes to securing our future and safeguarding against economic risks, saving money becomes a priority for every individual. In search of investment schemes that offer rapid growth without risks, people seek reliable options.
If you are also looking for such a savings scheme, let us introduce you to a promising option offered by the post office. This scheme ensures peaceful sleep for your financial future.
Flexible Deposits Based on Your Needs
The Post Office Time Deposit is a savings scheme that allows you to deposit money for 1, 2, 3, or 5 years according to your preference.
The interest rates differ for each duration. If you aim to earn a substantial amount through interest, investing in a Fixed Deposit (Post Office FD) would be an ideal choice. You have the opportunity to double your invested amount through an FD.
Doubling Your Investment
To double your money, it is crucial to have a strategic plan. For instance, if you deposit Rs 5 lakh in the Post Office Savings Scheme for 5 years at an interest rate of 7.5 percent, you will receive Rs 2,24,974 as interest along with the principal amount.
However, instead of withdrawing the amount upon maturity, consider opting for a Fixed Deposit (FD).
After 10 years, the interest accumulated would be Rs 3,26,201. By combining the principal and interest, you would receive a total of Rs 10,51,175 after 10 years.
Interest Rates Based on the Duration
The Post Office Savings Scheme offers varying interest rates based on the duration of investment. For a 1-year deposit, the interest rate is 6.8 percent, while it increases to 6.9 percent for a 2-year deposit.
Deposits fixed for 3 years yield a 7 percent interest rate, and 5-year deposits earn an interest rate of 7.5 percent. For more information about this scheme, reach out to your nearest post office.
